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Vanderbilt University Receives Mystery Millions

It's no secret that we're in the middle of a financial crisis right now. College applications are up, but funding is down, and many schools are scrambling to figure out a way to pick up the slack. In an amazing turn of events, Vanderbilt University will be resting a little bit easier in the coming school year -- following an announcement, in which school officials announced their intent to replace need-based loans with grants and scholarships in an ongoing effort to reduce student debt, an anonymous donor contributed $20 million to the school's scholarship funds.

The university plans to raise an additional $100 million in scholarship endowments over the next several years. An additional $26 million has already been committed, Chancellor Nicholas Zeppos says.

"We are indeed grateful to this donor who has taken the lead in making that possible, particularly during these tough economic times," Zeppos says.

Any donation for a worthy fund like education is a good thing, but this one is truly inspiring. Good work, whoever you are.

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